5015 - 5023 NORTH FIGUEROA STREET is situated adjacent to the intersection of Avenue 50 and North Figueroa Street in Highland Park, a historic neighborhood of Northeast Los Angeles that in recent years has been the subject of much attention and rising business activity. North Figueroa Street, the first major commercial corridor of Highland Park, has captured noteworthy news with the openings of Highland Park Bowl, ETA Bar, Civil Coffee, and the Quiet Life, with many more businesses set to open later this year.
The Subject Property consists of 14,350 SF of ground-level building space with an additional 2,000 SF of mezzanine space on 25,000 SF of land with 100 feet of street frontage on North Figueroa Street.
5015 - 5023 North Figueroa is located within the area of the Avenue 57 Transit Oriented District. The Avenue 57 Transit Oriented District is a Specific Plan under the Los Angeles Planning Department that provides opportunities for areas within the North Figueroa corridor between Avenue 50 and Avenue 61 to create an economically vital community by stimulating economic development through incentives to reuse existing structures without the normally required additional parking or other non-safety related building requirements, by instituting a mixed use component to the commercial areas, and by streamlining the approval process.
Currently, the Subject Property is the site of an auto body repair shop with a few other miscellaneous commercial tenants on expired leases and month-to-month terms. RedCar is currently in escrow to purchase the Subject Property and is in the due diligence stage putting together various schematic & design plans.
Taking part in the continued upward momentum of North Figueroa Street and Highland Park, 5015 - 5023 North Figueroa Street is to be repositioned as a neighborhood-oriented retail & office park.